Market Plus 1

Market Plus 1 (Table No 191) is a unit linked pension scheme (ULIP). Policy holder can choose the plan with or without risk cover. This investment plan is divided in four types of investment Funds namely Bond, Secured, Balanced and Growth Fund. Market Plus 1 is primarily a Pension policy and the plan has many attractive features and options that make it an ideal Retirement solution for your future.

Features:

1. Option to pay one time premium
2. Critical illness benefit minimum Rs 50,000 and the maximum Rs 10 lakh
3. Accident benefit from Rs 25,000 upto a maximum of Rs 50 lakh.
4. Switch from one type of fund to another upto four times a year.
5. Premium top up.
6. Policy can be taken with or without risk cover.
6. Net Asset Value (NAV) declared on a daily basis.

A)- On Vesting:
On vesting of the policy, the Fund Value will be utilized to provide a pension based on the then prevailing Annuity rates. An option to commute upto one third of the payable benefit in a lump sum is available.

B) On Death:
In event of the unfortunate death of the policy holder the Fund Value along with the Riders, if any, will be payable in a lump sum or as a pension.

Update for Minimum Premium without life cover for Market Plus 1 :Regular premium (other than monthly (ECS) mode):
Rs. 5,000 p.a. for deferment term 20 years and above
Rs. 10,000 p.a. for deferment term 15 to 19 years
Rs. 15,000 p.a. for deferment term 10 to 14 years

Regular premium (for monthly (ECS) mode):
Rs. 1,000 p.m. for deferment term 15 years and above
Rs. 1,500 p.m. for deferment term 10 to 14 yearsSingle premium: Rs. 30,000 for deferment term 5 years and above

Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of Rs. 250/-.

a) Minimum Sum Assured : Rs. 25000
b) Maximum Sum Assured : An amount equal to the Sum Assured under the Basic Plan, subject to maximum of Rs. 50 lakhs overall limit considering the Accident Benefit Sums Assured in respect of all existing policies on the life of the Life Assured under individual and group schemes including the policies with Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under new proposal into consideration.
The Sum Assured is in multiples of Rs. 5,000.
c) Minimum/Maximum Premium : No separate limit
d) Minimum Entry Age : 18 years completed.
e) Maximum Entry Age : 65 years nearest birthday.
f) Minimum Policy Term : 5 years.
g) Maximum Accident cover Ceasing Age : 70 years nearest birthday.

For Critical Illness Rider Benefit:

a) Minimum Sum Assured : Rs. 50000
b) Maximum Sum Assured : An amount equal to the sum assured under Basic Plan subject to the maximum of Rs.10 lakh overall limit taking all critical illness riders under all existing policies of the life assured and the critical illness rider option under the new proposal into consideration. The Sum Assured is available in multiples of Rs. 10,000.
c) Minimum/Maximum Premium : No separate limit
d) Minimum Entry Age : 18 years completed.
e) Maximum Entry Age : 50 years nearest birthday.
f) Policy Term : 10 to 35 years.
g) Maximum Critical Illness Ceasing Age : 60 years nearest birthday.

Modes of Premium Payment :
One time Premium, monthly(ECS), quarterly, half-yearly and yearly modes are available.

The minimum yearly Premium will be Rs. 5,000 increasing thereafter in multiples of Rs. 1,000. There will be no mode specific charges/ rebates.

Single premium can be paid subject to a minimum of Rs. 10,000 if not opted for life cover and Rs. 25,000 if opted for life cover and thereafter in multiples of Rs. 1,000.

Single premium: Rs. 30,000 for deferment term 5 years and above

Top-Up (Additional Premium)
The policy holder can pay additional premium in multiples of Rs.1,000/- without any limit at anytime during the term of the policy.

Revival:
An attractive feature of the plan is that provided the premiums have been paid for a minimum period of three years, all the riders under the policy will continue for a period of two years from the due date of first unpaid premium by deduction of relevant charges from the policy fund. This period of two years is called the “Revival Period”. Further, if premiums have been paid for a minimum period of three years, revival can be effected merely by paying the arrears of premium, within the Revival Period.

Change in Fund Type:
The plan also allows a policy holder to switch from one type of fund to another upto four times a year, free of charge.

I had invested in two nos of MARKET PLUS-1 JEEVAN ANAND (1 lakh each) bond scheme during 2008.

Recently I have decided to get the survival/maturity benefit for the said policies and got the amount from LIC.Please confirm me whether the matured amount shall be taxable under Indian income tax act.